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Complete Appraisal Reviews with Community Appraisal ServicesAs said in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers fulfilling reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Community Appraisal Services, we provide appraisal review services that are unbiased, qualified, professional and in line with the Federal Reserve's rules.
A review appraisal should verify: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the manners by which the real estate valuation is attained guarantees independence and quality. In addition, they must show whether the appraisal or evaluation report is in line with the letter of engagement, which gives an account of the extent of the appraisal assignment. Lastly, the Federal Reserve also says that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems".
In addition to conforming our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we'll prepare an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Community Appraisal Services, we are experienced in all forms of appraisal reviews, review practices and the obligations of review appraisers.
 We understand what the most likely report defects are, particularly in our housing market, as well as what amounts to a quality appraisal. The professionals at Community Appraisal Services are also skilled enough to realize that the competition in our market are capable of doing good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Community Appraisal Services to objectively assess appraisal reports completed by others. And those others could be reviewing our work, too!
You can count on Community Appraisal Services for our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and services offered.
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